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VALHI INC（VHI）与世纪互联（VNET）财务数据对比。点击上方公司名可切换其他公司
VALHI INC的季度营收约是世纪互联的1.4倍（$494.5M vs $362.7M），世纪互联净利率更高（-10.7% vs -10.8%，领先0.1%），VALHI INC自由现金流更多（$89.8M vs $-193.1M），过去两年世纪互联的营收复合增速更高（17.4% vs -3.5%）
Valhi是一家美国控股公司，1987年由LLC公司与合并糖业公司合并成立，通过全资及控股子公司在多个不同行业开展业务。截至2014年12月，Contran公司持有其93%的普通股，2014年已跻身财富美国1000强企业之列。
VNET Group即世纪互联，是中国领先的第三方中立数据中心服务商，提供机柜托管、云基础设施、混合云部署及网络管理等解决方案，服务覆盖科技、金融、零售等多领域企业客户，为企业数字化运营提供稳定的算力与网络支撑。
VHI vs VNET — 直观对比
营收规模更大
VHI
是对方的1.4倍
$362.7M
净利率更高
VNET
高出0.1%
-10.8%
自由现金流更多
VHI
多$282.9M
$-193.1M
两年增速更快
VNET
近两年复合增速
-3.5%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $494.5M | $362.7M |
| 净利润 | $-53.2M | $-38.7M |
| 毛利率 | 6.9% | 20.9% |
| 营业利润率 | -6.2% | 0.5% |
| 净利率 | -10.8% | -10.7% |
| 营收同比 | 2.8% | — |
| 净利润同比 | -333.3% | — |
| 每股收益（稀释后） | $-1.86 | — |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收VHIVNET
| Q4 25 | $494.5M | — | ||
| Q3 25 | $503.5M | $362.7M | ||
| Q2 25 | $540.4M | — | ||
| Q1 25 | $538.6M | $309.5M | ||
| Q4 24 | $480.9M | — | ||
| Q3 24 | $533.6M | $302.2M | ||
| Q2 24 | $559.7M | $274.4M | ||
| Q1 24 | $530.6M | $262.9M |
净利润VHIVNET
| Q4 25 | $-53.2M | — | ||
| Q3 25 | $-22.2M | $-38.7M | ||
| Q2 25 | $900.0K | — | ||
| Q1 25 | $16.9M | $-2.4M | ||
| Q4 24 | $22.8M | — | ||
| Q3 24 | $57.5M | $-2.1M | ||
| Q2 24 | $19.9M | $-1.1M | ||
| Q1 24 | $7.8M | $-22.0M |
毛利率VHIVNET
| Q4 25 | 6.9% | — | ||
| Q3 25 | 12.0% | 20.9% | ||
| Q2 25 | 14.5% | — | ||
| Q1 25 | 22.7% | 25.2% | ||
| Q4 24 | 20.9% | — | ||
| Q3 24 | 21.8% | 23.2% | ||
| Q2 24 | 21.7% | 21.3% | ||
| Q1 24 | 16.3% | 21.6% |
营业利润率VHIVNET
| Q4 25 | -6.2% | — | ||
| Q3 25 | 1.7% | 0.5% | ||
| Q2 25 | 6.6% | — | ||
| Q1 25 | 9.3% | 0.1% | ||
| Q4 24 | 11.8% | — | ||
| Q3 24 | 12.7% | 24.5% | ||
| Q2 24 | 9.8% | 0.2% | ||
| Q1 24 | 5.9% | 0.2% |
净利率VHIVNET
| Q4 25 | -10.8% | — | ||
| Q3 25 | -4.4% | -10.7% | ||
| Q2 25 | 0.2% | — | ||
| Q1 25 | 3.1% | -0.8% | ||
| Q4 24 | 4.7% | — | ||
| Q3 24 | 10.8% | -0.7% | ||
| Q2 24 | 3.6% | -0.4% | ||
| Q1 24 | 1.5% | -8.4% |
每股收益（稀释后）VHIVNET
| Q4 25 | $-1.86 | — | ||
| Q3 25 | $-0.78 | — | ||
| Q2 25 | $0.03 | — | ||
| Q1 25 | $0.59 | — | ||
| Q4 24 | $0.81 | — | ||
| Q3 24 | $2.01 | — | ||
| Q2 24 | $0.70 | — | ||
| Q1 24 | $0.27 | — |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $216.9M | $492.1M |
| 总债务越低越好 | $590.9M | — |
| 股东权益账面价值 | $1.0B | $890.8M |
| 总资产 | $2.6B | $6.1B |
| 负债/权益比越低杠杆越低 | 0.58× | — |
8季度趋势，按日历期对齐
现金及短期投资VHIVNET
| Q4 25 | $216.9M | — | ||
| Q3 25 | $186.6M | $492.1M | ||
| Q2 25 | $190.9M | — | ||
| Q1 25 | $196.4M | $544.3M | ||
| Q4 24 | $350.2M | — | ||
| Q3 24 | $316.7M | $219.5M | ||
| Q2 24 | $386.9M | $247.2M | ||
| Q1 24 | $372.7M | $246.9M |
总债务VHIVNET
| Q4 25 | $590.9M | — | ||
| Q3 25 | $661.5M | — | ||
| Q2 25 | $544.8M | — | ||
| Q1 25 | $525.9M | — | ||
| Q4 24 | $484.4M | — | ||
| Q3 24 | $526.6M | $1.2B | ||
| Q2 24 | $497.4M | — | ||
| Q1 24 | $511.2M | — |
股东权益VHIVNET
| Q4 25 | $1.0B | — | ||
| Q3 25 | $1.0B | $890.8M | ||
| Q2 25 | $1.1B | — | ||
| Q1 25 | $1.1B | $927.8M | ||
| Q4 24 | $1.0B | — | ||
| Q3 24 | $1.0B | $902.9M | ||
| Q2 24 | $962.6M | $900.6M | ||
| Q1 24 | $928.2M | $895.1M |
总资产VHIVNET
| Q4 25 | $2.6B | — | ||
| Q3 25 | $2.7B | $6.1B | ||
| Q2 25 | $2.8B | — | ||
| Q1 25 | $2.8B | $5.4B | ||
| Q4 24 | $2.8B | — | ||
| Q3 24 | $2.8B | $4.3B | ||
| Q2 24 | $2.5B | $4.0B | ||
| Q1 24 | $2.6B | $3.9B |
负债/权益比VHIVNET
| Q4 25 | 0.58× | — | ||
| Q3 25 | 0.63× | — | ||
| Q2 25 | 0.51× | — | ||
| Q1 25 | 0.49× | — | ||
| Q4 24 | 0.47× | — | ||
| Q3 24 | 0.52× | 1.28× | ||
| Q2 24 | 0.52× | — | ||
| Q1 24 | 0.55× | — |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $100.6M | $113.8M |
| 自由现金流经营现金流 - 资本支出 | $89.8M | $-193.1M |
| 自由现金流率自由现金流/营收 | 18.2% | -53.2% |
| 资本支出强度资本支出/营收 | 2.2% | 84.6% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $-82.1M | $-589.7M |
8季度趋势，按日历期对齐
经营现金流VHIVNET
| Q4 25 | $100.6M | — | ||
| Q3 25 | $-1.9M | $113.8M | ||
| Q2 25 | $21.7M | — | ||
| Q1 25 | $-155.9M | $27.0M | ||
| Q4 24 | $45.8M | — | ||
| Q3 24 | $13.5M | $108.3M | ||
| Q2 24 | $33.5M | $55.8M | ||
| Q1 24 | $-48.8M | $37.1M |
自由现金流VHIVNET
| Q4 25 | $89.8M | — | ||
| Q3 25 | $-12.3M | $-193.1M | ||
| Q2 25 | $9.1M | — | ||
| Q1 25 | $-168.7M | $-220.0M | ||
| Q4 24 | $33.3M | — | ||
| Q3 24 | $3.9M | $-95.0M | ||
| Q2 24 | $29.7M | $-81.6M | ||
| Q1 24 | $-53.8M | $-102.2M |
自由现金流率VHIVNET
| Q4 25 | 18.2% | — | ||
| Q3 25 | -2.4% | -53.2% | ||
| Q2 25 | 1.7% | — | ||
| Q1 25 | -31.3% | -71.1% | ||
| Q4 24 | 6.9% | — | ||
| Q3 24 | 0.7% | -31.4% | ||
| Q2 24 | 5.3% | -29.8% | ||
| Q1 24 | -10.1% | -38.9% |
资本支出强度VHIVNET
| Q4 25 | 2.2% | — | ||
| Q3 25 | 2.1% | 84.6% | ||
| Q2 25 | 2.3% | — | ||
| Q1 25 | 2.4% | 79.8% | ||
| Q4 24 | 2.6% | — | ||
| Q3 24 | 1.8% | 67.3% | ||
| Q2 24 | 0.7% | 50.1% | ||
| Q1 24 | 0.9% | 53.0% |
现金转化率VHIVNET
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 24.11× | — | ||
| Q1 25 | -9.22× | — | ||
| Q4 24 | 2.01× | — | ||
| Q3 24 | 0.23× | — | ||
| Q2 24 | 1.68× | — | ||
| Q1 24 | -6.26× | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
VHI
| Chemicals | $418.3M | 85% |
| Real Estate Management And Development | $38.5M | 8% |
| Security Products | $29.5M | 6% |
| Marine Components | $8.2M | 2% |
VNET
暂无分部数据
